Austin, TX – Seniors in Texas who are 65 and older may qualify for an extra standard deduction on their state income taxes, reducing taxable income and potentially increasing their refund or lowering the amount of tax owed. Here’s a breakdown of how this benefit works and who can take advantage of it.
What Is the Extra Standard Deduction for Seniors?
Texas offers an additional standard deduction for seniors over 65. This extra deduction can provide hundreds of dollars in tax savings, depending on filing status and income level. The Texas Comptroller of Public Accounts explains that seniors can reduce their taxable income by claiming this deduction when filing their state income tax returns.
According to Texas Comptroller, seniors who meet the 65 or older age requirement can claim this deduction in addition to the regular standard deduction.
Eligibility Requirements for Seniors Over 65
To qualify for this extra deduction, seniors must meet the following criteria:
- Be 65 years old or older by the end of the tax year.
- File a resident Texas income tax return.
- The senior must be able to verify age and income status.
If seniors are filing jointly with a spouse, the age requirement applies to both individuals in the couple.
How to Claim the Deduction
Seniors can claim the extra standard deduction directly on the Texas state income tax forms, typically using Form 1040. Tax preparation software or tax professionals can help ensure that the deduction is applied correctly, reducing the amount of taxes owed or increasing the refund.
The Texas Comptroller offers detailed instructions on how to file and claim this deduction online.
Benefits of the Deduction
This deduction is especially helpful for seniors living on fixed incomes or receiving Social Security benefits. Reducing taxable income can result in lower taxes or larger refunds, which is critical for seniors managing limited financial resources.
Have you used the extra standard deduction for seniors in Texas? Share your experiences and tips in the comments below.
